If I asked if you were friends with your bank, what would you say?
If your answer is vigorously shake head “no,” then you might want to keep the Consumer Financial Protection Bureau (CFPB) on speed dial.
This government organization started collecting consumer complaints in 2011. Apparently, a lot of people have something not-so-nice to say about their financial institution: More than half a million complaints are housed in its Consumer Complaint Database.
The data offers a snapshot of which banks are making their customers happy — and which are not.
The Most-Complained-About Banks of 2016
The team at LendEDU analyzed the 2016 data to create a list of the best and worst banks.
What I liked about this study is it didn’t just include the number of complaints — it looked at the number of complaints per billion in deposits. So it’s not as unfairly weighted towards the big banks that have the most customers.
When all was said and done, these 15 were at the bottom of the heap:
- TCF National Bank: 12.30 complaints per billion ($) in deposits
- Citigroup: 8.58
- Wells Fargo: 8
- SunTrust: 7.67
- Bank of America: 7.24
- U.S. Bancorp 7.14
- Fifth Third Bancorp: 7.08
- Citizens Financial: 7.04
- M&T Bank: 6.20
- CIT Group: 6.17
- JPMorgan Chase & Co: 5.82
- PNC Financial: 5.81
- Comerica: 5.78
- BB&T: 4.61
- Regions: 4.57
As for the best banks? They were all smaller and regional. (No surprise there!)
If you’d like to see the full list of the best and worst banks, click here.
Your Turn: Is your bank on the list?
Susan Shain, senior writer for The Penny Hoarder, is always seeking adventure on a budget. Visit her blog at susanshain.com, or say hi on Twitter @susan_shain.